Mettler-Toledo International, Inc. (MTD) vs Waters Corporation (WAT)

Mettler-Toledo International, Inc. and Waters Corporation are both Diagnostics & Research companies. Waters Corporation is the larger, with a market value of $43.6B against $32.8B — 1.3× the size. Mettler-Toledo International, Inc. trades at the lower P/E: 36.4× against 109×. Waters Corporation grew revenue faster over the last twelve months: 52.5% against 6.91%. Mettler-Toledo International, Inc. has the higher net margin (21.9% vs 3.59%) and the higher return on invested capital (35.4% vs 1.05%). Across the 22 metrics below, Mettler-Toledo International, Inc. leads on 15 and Waters Corporation on 7.

Valuation

Metric MTD WAT Diagnostics & Research median
P/E 36.42 108.69 35.56
P/S 7.90 9.24 4.37
P/B 2,545.64 2.82 3.06
Price to free cash flow 37.78 117.05 35.76
EV/EBITDA 26.59 50.12 24.35
EV/Sales 8.40 10.18 5.51
Earnings yield 2.75% 0.92% (1.89%)
Free cash flow yield 2.65% 0.85% (0.15%)

Profitability

Metric MTD WAT Diagnostics & Research median
Gross margin 60.26% 50.89% 50.89%
Operating margin 28.41% 7.10% (8.57%)
Net margin 21.91% 3.59% (6.37%)
Free cash flow margin 20.90% 7.89% 0.00%
Return on equity (736.36%) 1.92% (2.92%)
Return on assets 25.61% 1.13% (6.71%)
Return on invested capital 35.40% 1.05% 0.00%

Growth

Metric MTD WAT Diagnostics & Research median
Revenue growth (TTM) 6.91% 52.47% 7.69%
EPS growth (last fiscal year) 3.88% 0.47% 25.92%
Revenue growth, 5-year CAGR 5.47% 6.00% 7.40%
Net income growth, 5-year CAGR 7.60% 4.26% 0.00%

Health

Metric MTD WAT Diagnostics & Research median
Debt to equity 164.70 0.32 0.11
Current ratio 1.12 1.86 2.02
Net debt to EBITDA 1.68 0.36 0.70

Dividend

Metric MTD WAT Diagnostics & Research median
Dividend yield — — 0.66%
Payout ratio — — 0.20

Size

Metric MTD WAT Diagnostics & Research median
Market cap 32.84b 43.64b 2.16b

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